D-Link (India) Limited reported financial results for the quarter ended March 31, 2015. Net profit jumped 65.91% to Rs. 53.09 million compared to Rs. 32 million in the prior year quarter. Revenue rose 29.91% to Rs. 1728.90 million. Earnings per share stood at Rs. 1.50, up 40.21% year-over-year. Profit before tax increased 68.98% to Rs. 82.65 million. For the full fiscal year 2015, net profit grew 57% to Rs. 213.29 million on net sales growth of 28% to Rs. 6253.23 million. The company is expected to grow net sales and profit at
R Systems International: Net Profit grows a whopping 75.53%; buyIndiaNotes.com
The company's net profit grew by 75.53% at Rs. 85.57 mn in current June quarter compared to Rs. 48.75 mn in the corresponding quarter of the previous year. Net Sales and PAT of the company are expected to grow at a CAGR of 17% and 26% over 2012 to 2015E respectively.
R Systems International: Net Profit grows a whopping 75.53%; buyIndiaNotes.com
The company's net profit grew by 75.53% at Rs. 85.57 mn in current June quarter compared to Rs. 48.75 mn in the corresponding quarter of the previous year. Net Sales and PAT of the company are expected to grow at a CAGR of 17% and 26% over 2012 to 2015E respectively.
This ppt is based on traditional method of finolex cables. ltd. means investment analysis on this company like accounting rate of return ratio and payback ratio.
TTK Prestige: Net Sales up 9.81%, EBITDA down 1.79% during Q1FY15IndiaNotes.com
During Q1FY15, Net sales of the company rose by 9.81% to Rs. 3363.90 mn from Rs. 3063.30 mn over the corresponding quarter in the previous year. However, EBIDTA dropped by just 1.79% to Rs. 423.30 mn from Rs. 431.00 mn in Q1FY14. Maintain buy
An overview of trends in the US wireless market in Q2 2014, covering AT&T, Sprint, T-Mobile, Tracfone and Verizon Wireless. Includes analysis of financials, subscribers, net adds, ARPU and churn. Also, the impact of device installment billing on both the carriers and OEMs.
Analysis of the content in this deck is available here: http://www.beyonddevic.es/2014/08/12/analysis-of-q2-2014-us-wireless-market/
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
Loan-deposit mismatch may hit bank lending to infra sector_Livemint_Feb8,2011Soujanya PR
Indian banks have lent Rs482,189 crore for infrastructure projects as on 19
November, according to rating agency CARE Ltd.
A gap in the maturity profile of loans and deposits has increased in the recent past due to slower deposit mobilization by banks. “One of the solutions to increase fund availability to the sector is to raise the foreign investment cap in corporate bond further and reserve the increment for investments only in the sector,” said Soujanya Pantula, head of public sector bank ratings at CARE.
This ppt is based on traditional method of finolex cables. ltd. means investment analysis on this company like accounting rate of return ratio and payback ratio.
TTK Prestige: Net Sales up 9.81%, EBITDA down 1.79% during Q1FY15IndiaNotes.com
During Q1FY15, Net sales of the company rose by 9.81% to Rs. 3363.90 mn from Rs. 3063.30 mn over the corresponding quarter in the previous year. However, EBIDTA dropped by just 1.79% to Rs. 423.30 mn from Rs. 431.00 mn in Q1FY14. Maintain buy
An overview of trends in the US wireless market in Q2 2014, covering AT&T, Sprint, T-Mobile, Tracfone and Verizon Wireless. Includes analysis of financials, subscribers, net adds, ARPU and churn. Also, the impact of device installment billing on both the carriers and OEMs.
Analysis of the content in this deck is available here: http://www.beyonddevic.es/2014/08/12/analysis-of-q2-2014-us-wireless-market/
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
Loan-deposit mismatch may hit bank lending to infra sector_Livemint_Feb8,2011Soujanya PR
Indian banks have lent Rs482,189 crore for infrastructure projects as on 19
November, according to rating agency CARE Ltd.
A gap in the maturity profile of loans and deposits has increased in the recent past due to slower deposit mobilization by banks. “One of the solutions to increase fund availability to the sector is to raise the foreign investment cap in corporate bond further and reserve the increment for investments only in the sector,” said Soujanya Pantula, head of public sector bank ratings at CARE.
Sun TV can be bought for target of Rs430 for the mid- to long-term according ...IndiaNotes.com
Sun TV Network Ltd is engaged in producing and broadcasting satellite television and radio software programming in South India. During Q3 FY15, the company’s net profit stood at Rs.2141.30 mn against Rs.1857.90 mn in Q3 FY14, an increase of 15.25%.
The secret way to sell pi coins effortlessly.DOT TECH
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What website can I sell pi coins securely.DOT TECH
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A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
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Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
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What price will pi network be listed on exchangesDOT TECH
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A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria -...
Buy D-Link (India) as rollout of 4G services drives demand for networking
1. CMP 245.30
Target Price 282.00
ISIN: INE250K01012
JULY 13th
2015
D-LINK (INDIA) LTD
Result Update (PARENT BASIS): Q4 FY15
BUY
Index Details
Stock Data
Sector IT Networking Equipment
BSE Code 533146
Face Value 2.00
52wk. High / Low (Rs.) 251.40/58.05
Volume (2wk. Avg.) 68000
Market Cap (Rs. in mn.) 8709.38
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS FY15A FY16E FY17E
Net Sales 6253.23 7253.75 8269.27
EBITDA 345.73 379.87 423.75
Net Profit 213.29 234.73 262.69
EPS 6.01 6.61 7.40
P/E 40.83 37.10 33.15
Shareholding Pattern (%)
1 Year Comparative Graph
D-LINK (INDIA) LTD S&P BSE SENSEX
SYNOPSIS
D-Link (India) Limited is engaged in the marketing
and distribution of networking products in India and
SAARC countries.
In Q4 FY15, Net profit jumps to Rs. 53.09 million an
increase of 65.91% against Rs. 32.00 million in the
corresponding quarter of previous year.
The company’s net sales registered 29.91% increase
in Q4 FY15 and stood at Rs. 1728.90 million from Rs.
1330.80 million over the corresponding quarter of
previous year.
During the quarter, Operating profit is Rs. 88.75
million as against Rs. 59.91 million in the
corresponding period of the previous year.
Reported earnings per share of the company stood at
Rs. 1.50 in Q4 FY15 as against Rs. 1.07 in Q4 FY14.
During the quarter Profit before tax stood at Rs.
82.65 million as against Rs. 48.91 million over the
corresponding quarter of previous year, an increase
of 68.98%.
The company has recommended dividend of Rs.
0.70/- (i.e. 35%) per equity share, face value of Rs.
2/- each.
Net profit grew by 57% to Rs. 213.29 million for the
end of FY15 from Rs. 135.83 million for the end of
FY14.
For the end of FY15, the company registered a
growth of 28% in Net sales to Rs. 6253.23 million
from Rs. 4875.84 million for the end of FY14.
Net Sales and PAT of the company are expected to
grow at a CAGR of 24% and 21% over 2014 to 2017E
respectively.
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
D-Link (India) Ltd 245.30 8709.38 6.01 40.83 6.48 35.00
Smartlink Network Systems Ltd 85.30 2559.40 4.40 19.39 0.62 100.00
NELCO Ltd 79.20 1807.20 1.15 68.87 17.44 0.00
Gemini Communications Ltd 1.48 183.40 - - - 0.00
2. QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results Updates- Q4 FY15
D-Link (India) Limited is engaged in the marketing and
distribution of networking products in India and SAARC
countries has reported its financial results for the quarter
ended 31st March, 2015.
The company’s net profit jumps to Rs. 53.09 million against Rs. 32.00 million in the corresponding quarter
ending of previous year, an increase of 65.91%. Revenue for the quarter rose by 29.91% to Rs. 1728.90 million
from Rs. 1330.80 million, when compared with the prior year period. Reported earnings per share of the
company stood at Rs. 1.50 a share during the quarter as against Rs. 1.07 over previous year period. Profit before
interest, depreciation and tax is Rs. 88.75 million as against Rs. 59.91 million in the corresponding period of the
previous year.
Break up of Expenditure
Months Mar-15 Mar-14 % Change
Net Sales 1728.90 1330.80 29.91
PAT 53.09 32.00 65.91
EPS 1.50 1.07 40.21
EBITDA 88.75 59.91 48.14
Break up of Expenditure
(Rs in millions)
Q4 FY15 Q4 FY14
%
CHNG
Purchase of Traded Goods 1443.79 1014.40 42%
Employee Benefit
Expenses
75.70 56.98 33%
Dep & Amortization Exp 3.87 4.23 -9%
Other Expenses 136.83 105.06 30%
3. COMPANY PROFILE
D-Link (India) Limited was incorporated in 2008. D-Link (India) Limited is a subsidiary of D-Link Holding
Mauritius Inc. The company is engaged in the marketing and distribution of networking products in India and
SAARC countries. It primarily offers digital home, easy portal, home servers, security box, Internet protocol (IP)
device integration, and wireless routers, as well as carrier switches, broadband digital subscriber lines (DSL) and
DSL access multiplexers, integrated access devices, cable modems, voice over IP, passive optical network, rural
connective platform outdoor wireless bridges, digital home appliances, network storage, and IP surveillance and
multimedia devices for customers and service providers.
The company also provides metro network, access network, premises network, and home entertainment
focusing on the provision of backend infrastructure services to customers at various levels, such as service
distribution, aggregation, and access and premise networks.
The company sells its networking products to distributors, original equipment manufacturers, and system
integrators, as well as for the enterprise and small and medium business segments in the government,
hospitability, and education sectors. It also exports its products. D-Link (India) Limited formerly known as
Smartlink Network Systems Limited.
4. FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as at March 31, 2014 -2017E
FY14A FY15A FY16E FY17E
SOURCES OF FUNDS
Shareholder's Funds
Share Capital 60.01 71.01 71.01 71.01
Reserves and Surplus 936.97 1273.73 1508.46 1771.15
1. Sub Total - Net worth 996.98 1344.74 1579.47 1842.16
Non Current Liabilities
Deferred Tax Liabilities 6.89 0.00 0.00 0.00
Other Long term liabilities 0.00 0.45 0.52 0.58
Long term Provisions 3.30 5.04 5.80 6.55
2. Sub Total - Non Current Liabilities 10.18 5.49 6.32 7.13
Current Liabilities
Short term Borrowings 35.08 22.74 18.87 16.80
Trade Payables 801.57 1145.22 1328.46 1501.15
Other Current Liabilities 15.10 26.31 32.62 37.84
Short Term Provisions 24.25 58.98 71.96 82.03
3. Sub Total - Current Liabilities 875.99 1253.25 1451.91 1637.83
Total Liabilities (1+2+3) 1883.15 2603.48 3037.70 3487.12
APPLICATION OF FUNDS
Non-Current Assets
a) Fixed Assets 198.69 194.98 206.68 217.01
b) Non-current investments 0.00 165.00 173.25 183.65
c) Deferred tax Assets 0.00 15.91 17.82 19.60
d) Long Term loans and advances 33.68 25.33 26.60 28.19
1. Sub Total - Non Current Assets 232.37 401.22 424.34 448.45
Current Assets
Inventories 631.74 781.22 929.65 1069.10
Trade receivables 945.26 1408.17 1668.33 1951.76
Cash and Bank Balances 31.25 1.72 2.44 2.81
Short-terms loans & advances 42.53 11.11 12.89 14.95
Other current assets 0.00 0.04 0.05 0.06
2. Sub Total - Current Assets 1650.78 2202.26 2613.36 3038.67
Total Assets (1+2) 1883.15 2603.48 3037.70 3487.12
5. Annual Profit & Loss Statement for the period of 2014 to 2017E
Value(Rs.in.mn) FY14A FY15A FY16E FY17E
Description 12m 12m 12m 12m
Net Sales 4875.84 6253.23 7253.75 8269.27
Other Income 11.18 15.62 17.18 18.56
Total Income 4887.02 6268.85 7270.93 8287.83
Expenditure -4658.36 -5923.12 -6891.06 -7864.08
Operating Profit 228.66 345.73 379.87 423.75
Interest -8.20 -4.64 -4.92 -5.16
Gross profit 220.46 341.09 374.95 418.59
Depreciation -16.81 -17.02 -18.21 -19.67
Profit Before Tax 203.65 324.07 356.74 398.92
Tax -67.82 -110.78 -122.00 -136.23
Net Profit 135.83 213.29 234.73 262.69
Equity capital 60.01 71.01 71.01 71.01
Reserves 936.97 1273.73 1508.46 1771.15
Face value 2.00 2.00 2.00 2.00
EPS 4.53 6.01 6.61 7.40
Quarterly Profit & Loss Statement for the period of 30th Sep, 2014 to 30th Jun, 2015E
Value(Rs.in.mn) 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15E
Description 3m 3m 3m 3m
Net sales 1506.40 1607.78 1728.90 1815.35
Other income 5.52 1.35 8.68 5.64
Total Income 1511.92 1609.13 1737.58 1820.99
Expenditure -1434.04 -1525.47 -1648.83 -1724.58
Operating profit 77.88 83.66 88.75 96.41
Interest -0.05 -0.33 -2.23 -1.34
Gross profit 77.83 83.33 86.52 95.07
Depreciation -4.07 -3.98 -3.87 -4.37
Profit Before Tax 73.76 79.35 82.65 90.70
Tax -24.25 -26.96 -29.56 -30.97
Net Profit 49.51 52.39 53.09 59.72
Equity capital 71.01 71.01 71.01 71.01
Face value 2.00 2.00 2.00 2.00
EPS 1.39 1.48 1.50 1.68
7. OUTLOOK AND CONCLUSION
At the current market price of Rs. 245.30, the stock P/E ratio is at 37.10 x FY16E and 33.15 x FY17E
respectively.
Earnings per share (EPS) of the company for the earnings for FY16E and FY17E are seen at Rs. 6.61 and
Rs. 7.40 respectively.
Net Sales and PAT of the company are expected to grow at a CAGR of 24% and 21% over 2014 to 2017E
respectively.
On the basis of EV/EBITDA, the stock trades at 22.97 x for FY16E and 20.59 x for FY17E.
Price to Book Value of the stock is expected to be at 5.51 x and 4.73 x for FY16E and FY17E respectively.
We recommend ‘BUY’ in this particular scrip with a target price of Rs. 282.00 for Medium to Long term
investment.
INDUSTRY OVERVIEW
The Indian networking industry is undergoing a rapid transformation with the advent of new technologies,
higher bandwidth and high speed wireless connectivity. The growth is likely to be accelerated as the economy
steadily moves to a higher gear in 2014-15 driven by a gradual revival in industrial production, stable agri-sector
activity, steady services growth and easing inflation. With the economy poised to grow at a steady pace,
Enterprises are investing towards setting up a strong networking infrastructure that can deliver reliable and
efficient end-to-end solutions to eventually transform their business operations.
8. The roll out of 4G services and the significant government initiatives in aggressively promoting broadband usage
in the country are driving the demand of networking products like routers, switches and access points to storage
and surveillance products across all verticals. The number of computing devices, PCs, tablets, smart phones has
increased rapidly and networks, especially wifi networks, need to be deployed to share information and
resources across users and devices.
Users are upgrading their networks to take advantage of complex applications, advanced communication
capabilities and rich multimedia content. They need the convenience and flexibility of operating their various
devices in an increasingly mobile or wireless manner. Similarly, market demand for television connectivity
products has increased as users seek to connect their televisions to internet and for entertainment content.
These developments augur well for D-Link India, and with the networking industry in an expansion mode, the
company looks forward to sound long term growth prospects.
The domestic IT business has remained muted in the last two fiscal years due to various reasons ranging from
political to slowdown in the industrial sector. However, the software services body projects an end to the
political uncertainties that have hampered the growth.
Disclaimer:
This document is prepared by our research analysts and it does not constitute an offer or solicitation for the
purchase or sale of any financial instrument or as an official confirmation of any transaction. The information
contained herein is from publicly available data or other sources believed to be reliable but we do not represent that
it is accurate or complete and it should not be relied on as such. Firstcall Research or any of its affiliates shall not be
in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. Firstcall Research and/ or its affiliates and/or employees will not be liable for
the recipients’ investment decision based on this document.
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